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“A financial literacy indicator—measuring consumer financial knowledge, skills, and attitudes to money” presents the financial literacy measurement project. This project is one of the core edu-regulatory programmes in the UK. The chapter describes and explains the ways in which consumer financial knowledge, financial information and financial skills came to be measured, compared, assessed and ranked by the financial capability measure. It shows how the construction of the financial capability measure has created a new phenomenon—levels of consumer financial capability. It further demonstrates that this measurement exercise has divided people’s day-to-day financial decisions and financial practices into two groups: financially literate and financially illiterate. The chapter suggests that this categorisation grossly simplifies people’s experiences with finance and financial markets. Consumer financial literacy levels are mainly and exclusively defined through consumer ability to actively and safely participate in the financial services market. The argument is put forward that this conceptualisation strips the socio-economic, political and cultural contexts away from the financial literacy standard and fails to acknowledge its relational dimension.
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- A Financial Literacy Indicator—Measuring Consumer Financial Knowledge, Skills and Attitudes to Money
- Chapter 4
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